Seller Financing in Texas
Hello,
I was considering buying vacant land in Texas and selling with seller financing. However, when I read over some of Texas law I see this:
1) S.A.F.E Act - Seller is required to be licensed (Residential Mortgage Loan Origination (RMLO) license from the Texas Department of Savings and Mortgage Lending when property is not seller's homestead and/or sale is not to family member.
2) Also, I read that after 2005 Texas regulation changes - owner financing deal is recorded with county and a trustee has the deed instead of seller.
Can those who operate in texas confirm this.
Been buried deep in learning land investing for past month and just looked up and realized its Friday night & I am still reading texas law..ha. Thank for any info.